2026年3月5日，十四届全国人大四次会议在人民大会堂开幕。国务院总理李强向大会作政府工作报告。 房地产相关提法的变化和特点主要体现在以下几个方面： 定调着力稳定房地产市场，更大力度保障和改善民生。 2026年两会政府工作报告对房地产的表述与中央经济工作会议总体路径保持一致，稳楼市依旧是工作任务的 重中之重。在此基础上，更加强化保障和改善民生的属性定位，强调住房政策和人口生育政策的结合，进一步兼顾短期稳市场和中长期制度建设，强化统筹增量和 存量，统筹防风险和促发展。 需求侧继续保持因城施策，新增深化公积金改革和强化保障。 近年来，各城市不断调减限制性措施,尤其是重点核心城市在限购条件的政策上不断优化，预计26年 这一趋势将持续延续。此外，需求侧的提法对于支持人群更加具有针对性，如初婚初育家庭住房保障、多子女家庭改善性住房，预计2026年需求端政策或将更加精 细和精准，住房政策与人口生育政策结合是重要方向。 最后，深化公积金改革也是新增提法之一，我们曾在2025年8月外发报告 《优化用途稳刚需，增加效用惠民——住房公积金系列研究（一）》 中指出部分城市住房 公积金贷款贡献度和还款贡献度有限，在房价预期止跌回稳基 ...

2026年政府工作报告中都有哪些亮点？与以往有哪些不同？ 经济观察报两会报道组为您逐个解读。 作者： 两会报道 组 封图：东方IC 2026年3月5日上午9时，十四届全国人大四次会议开幕，国务院总理李强作政府工作报告。报告中都有哪些亮点？与以往有哪些不同？经济观察报两会 报道组为您逐个解读。 关键词：经济增长4.5%－5% 报告原文：经济增长目标同2035年远景目标总体衔接，与我国经济长期增长潜力基本吻合，实现这个目标具备有利条件，各地区要结合实际，通过扎 实工作争取好的结果。 经观说： 2023—2025年，中国GDP增速目标均设定为"5%左右"，且实际增速均完成预期，三年分别实现5.2%、5%、5%。2026年GDP增速目标调整 为4.5%—5%，进一步体现出政策"积极务实"的取向。 一方面，采用区间增速目标，并在实际工作中争取更好的结果，体现了"从坏处打算、向最好处努力"的思路。 以中国当前的经济体量和发展阶段，即便按"4.5%"下限测算，也已是一个较高的增速。按照此前多位研究者测算，要实现2035的远景目标，经济增速 要达到4.4%或4.5%以上；而"5%"这一上限则有利于调动各方积极性。今年政府工作 ...

固收研究报告 两会政策定调如何影响债市走向？ ——政府工作报告简评 2026 年 3 月 5 日 ⚫ 当下形势判断与 2026 年经济目标如何？ 1）2025 年的总结与挑战：内外部压力加大但仍"稳"中有"进"，中央对于经济向好 回升的信心与决心仍然坚定。首先，对于去年，我国面对的是多年少有的外部冲击挑战 和国内两难多难问题交织叠加的复杂严峻形势，但经济运行总体平稳、稳中有进，经济 增速如期达到 5%的目标；其次，当下仍战略机遇与风险挑战并存，"外部环境变化影 响加深，地缘政治风险持续上升，世界经济动能疲弱，多边主义、自由贸易受到严重冲 击"、国内"新旧动能转换任务艰巨，供强需弱矛盾突出，市场预期偏弱，重点领域风 险隐患较多"，但是也要看到我国的优势明显，"我国经济长期向好的支撑条件和基本 趋势没有改变，制度优势和大国优势不断彰显"。 2）2026 年政策取向及目标：延续"稳中求进"的总基调，GDP 增速 4.5-5%。第一， 新一年的工作部署，仍要求"坚持稳中求进工作总基调"，中央对于经济高质量发展转 型、创新突破中求稳的要求仍然不变。第二，"实施更加积极有为的宏观政策，增强政 策 前 瞻 性针 对 性 协 ...

Group 1 - The conference focused on macroeconomic policy goals set by the Central Economic Work Conference, emphasizing that development is the foundation for solving all problems in China, and growth is essential for development [1] - Experts suggested that economic growth should be maintained within a reasonable range by 2026, and that there is a need to effectively balance qualitative improvements with reasonable quantitative growth [1] - The implementation of more proactive macro policies and increased counter-cyclical and cross-cyclical adjustments were recommended to fully unleash growth potential [1] Group 2 - Fiscal policy should play a larger role this year, with a deficit rate higher than or at least not lower than the previous year, and an increase in the scale of national debt issuance to expand total expenditure [2] - To stimulate investment and consumption, a significant overall interest rate cut of at least 50 basis points for the entire year is suggested, along with better utilization of reserve requirement ratio cuts [2] - Strengthening the coordination between fiscal and monetary policies is essential, with an emphasis on expanding the scale of new financial policy tools to leverage investment [2] - To stabilize investment and boost consumption, efforts to restore effective credit issuance conditions should be intensified, particularly in stabilizing the real estate market [2]

Group 1 - The provincial government held a meeting with real estate professionals to discuss policies aimed at stabilizing and boosting the real estate market, following directives from key government meetings [1] - The provincial governor emphasized the need for dynamic policy adjustments to enhance service and support, aiming to stabilize market confidence and expectations [1] - Specific strategies discussed include controlling supply, reducing inventory, and optimizing supply through urban renewal and village redevelopment initiatives [1] Group 2 - The meeting highlighted the importance of tailored policies for different regions and demographics to effectively stimulate housing demand [1] - Initiatives such as the "talent housing voucher" and "old-for-new housing exchange" were proposed to improve housing quality and efficiency [1] - The government plans to implement residential quality enhancement projects and improve property service quality to promote the construction of quality housing and nurturing of good property management [1]

Core Viewpoint - The provincial government is actively engaging with real estate professionals to gather insights and formulate policies aimed at stabilizing and boosting the real estate market, following directives from key leadership [1]. Group 1: Policy Measures - The provincial government plans to dynamically improve support policies and optimize service guarantees to stabilize confidence, market conditions, and expectations in the real estate sector [1]. - Emphasis is placed on implementing city-specific strategies to control inventory, enhance supply, and utilize existing land through urban renewal and village redevelopment initiatives [1]. - The introduction of measures such as "talent housing vouchers" and "housing trade-ins" aims to improve quality and efficiency in the housing market [1]. Group 2: Market Activation - The government intends to stimulate housing consumption through various initiatives, including regular housing exhibitions and promotional activities to ensure precise matching of supply and demand [1]. - The "whitelist" system for real estate projects will be leveraged to support reasonable financing needs of real estate companies, promoting a stable and healthy market development [1]. Group 3: Quality Improvement - There is a focus on enhancing residential quality and property service standards, with actions aimed at promoting the construction of quality housing and the cultivation of good property management [1].

Group 1 - The core focus of the Beijing government work report for 2026 is to stabilize the real estate market, promote healthy development of the housing rental market, and increase the supply of housing products tailored for different demographics, particularly targeting young people and urban service personnel [1][2] - The report emphasizes the importance of a multi-tiered rental housing supply system to meet the actual housing needs of young people and urban service personnel, which is crucial for stabilizing the economic foundation of the city [2][3] - The construction of "good houses" is highlighted as a priority, with a focus on quality upgrades to meet the individualized housing needs of families, thereby driving the real estate market towards stabilization [1][7] Group 2 - The report outlines a commitment to building more "good houses" and improving the quality of housing, with a significant achievement in the previous year being the construction of 67,000 units of guaranteed rental housing and the completion of 100,000 units of various types of guaranteed housing [7] - The government aims to enhance the living experience through improved housing quality, with a focus on safety, comfort, and sustainability, and the establishment of a comprehensive standard for high-quality residential construction [8][9] - Urban renewal is emphasized as a key strategy for transforming the development model of a mega-city, with specific tasks outlined for 2026, including the renovation of old neighborhoods and the installation of elevators in old buildings [9][10]

Group 1 - The Guangdong provincial government aims to stabilize the real estate market by 2026 through targeted policies such as controlling supply, reducing inventory, and improving housing quality [1] - The government will promote the revitalization of idle commercial office spaces and enhance the construction and funding of affordable housing [1] - There will be a systematic approach to developing quality housing, communities, and urban areas, focusing on improving property service quality [1] Group 2 - The government encourages the adoption of smart construction, prefabricated buildings, and modular construction to strengthen the construction industry [1]

Group 1 - The core viewpoint of the article emphasizes the commitment to stabilize the real estate market in the current year [1] - The Ministry of Housing and Urban-Rural Development will implement city-specific and precise policies to address local market conditions [1] - The "white list" system for real estate financing will be leveraged to support reasonable financing needs of real estate companies [1] Group 2 - There will be a focus on supporting both rigid and improvement housing demands from residents [1]

Core Viewpoint - The Ministry of Housing and Urban-Rural Development, led by Minister Ni Hong, emphasizes the importance of stabilizing the real estate market this year through targeted and precise policies, including the effective implementation of the "white list" financing system for real estate companies to support reasonable financing needs and meet the housing demands of residents [1] Group 1 - The focus will be on stabilizing the real estate market this year [1] - The approach will involve city-specific and precise policy measures [1] - The "white list" financing system will be utilized to support reasonable financing needs of real estate companies [1] Group 2 - There will be support for residents' rigid and improved housing demands [1]